- Sales at vegan food firm Beyond Meat have plunged by almost a third in recent months, amid a significant rise in living expenses for consumers. Currently
- The company, which produces plant-based meat substitutes, has stated that net revenues fell by 30.5% in Q2 compared to 12 months prior. Shares of the company have fallen by almost 12% in extended trading. BBC News (LR: 3 CP: 5)
- The drop in demand comes as consumers seek to cut back on spending by switching to cheaper grocery alternatives. Vegan burgers are often significantly more expensive than other proteins, with a study by Which? last year finding that plant-based sausages were nearly twice the price of animal meat. MSN
- Executives at the company have attributed the falling sales to a "softer demand” in the plant-based meat category as well as high inflation, rising interest rates, ongoing concerns about the likelihood of a recession, and an increased scrutiny of the health benefits of vegan products. BBC News (LR: 3 CP: 5)
- Beyond Meat sold 22.9 million pounds of products in Q2, a decrease of nearly a quarter year-over-year. CFO Lubi Kutua has said the company has experienced a "relative underperformance" of its core products — burgers, ground beef, and sausages — so far in 2023. Business Insider (LR: 3 CP: 4)
- Similar trends have also recently seen vegan food company Meatless Farm make staff redundant and halt trading, with the producer claiming the market for alternative meats has become too crowded. Sausage producer Heck has also reduced its vegan range citing a lack of demand. Currently
Narrative A:
- Until global leaders begin taking real action to address the climate crisis, reducing the amount of meat our diets is the biggest single thing we can do as individuals to save the planet. Rearing livestock and poultry is resource and land intensive, while buying plant-based protein alternatives is better for the earth and demonstrates consumer demand for environmentally conscious products. Though not perfect, plant-based options are an improvement on animal protein.
New York Times (LR: 2 CP: 5)
Narrative B:
- The hype of plant-based food clearly got ahead of the reality. Apart from not delivering on taste, those brands which best imitate meat are often ultra-processed and high in sodium. At a time when living costs are rising internationally, the level of financial and sensory sacrifice that must be made to keep the alternative-meat market alive in its current form doesn't appear justified. This latest decline in sales does not mean people don't care about the environment, but they might be starting to see through the necessity for expensive and less tasty alternatives to animal meat.
Washington Post (LR: 2 CP: 5)
Nerd narrative:
- There's a 50% chance that at least $2B (2022 USD) in venture capital, private equity, and other non-exit capital will be invested in plant-based food companies in 2026, according to the Metaculus prediction community.
Metaculus (LR: 3 CP: 3)
I’ve tried the two major players and Impossible is so much better. I’m honestly surprised beyond is still in the game based on texture alone.
That's the funny part to me, I find the Impossible burger so indistinguishable that it feels like a waste of money to buy it. The Beyond is still burger-like, but has an "exotic" taste because it hits my mouth's uncanny valley in an exciting way.
I don't think I'm looking for a 1:1 meat clone, more something new and exciting. If we're creating brand new proteins, why limit ourselves to beef, pork, and chicken? I can understand some people want that, which is fine. I find myself craving Beyond just because it's one of a kind.
For the article itself, I think it's a no-duh observation. Meat eaters and vegetarians already have plenty of cheaper options. Until we reach price parity, a specialty item is always going to be there first to be cut when you hit budget restraints. The environment doesn't care what are budgets are, our food habits are going to change due to environmental changes. I hope we get price parity before we have no choice, but I won't hold my breath. Development of synthetic protein is going to continue one way or another.
What do you think about the sodium levels? Necessary for taste or too high to be a regular meal?
They should drop the sodium because people can always add more if they want it.
But the main goal of the plant based meat isn't to be healthier, it's to be more environmentally sustainable and sidestep the awful treatment of animals.
I see a lot of people disparage the plant meat based on its healthiness.
Basically what this person said. It seems to have a give and take nutritionally with beef, and again, while beef is beef, synthetic protein is just formula number whatever. Beyond, Impossible, and everything else is constantly experimenting with the recipe. I know they had to tweak Impossible for the Burger King partnership so the patties wouldn't break falling off the roller grill. Just like you buy 80/20 or 90/10 beef, you could buy regular or low sodium Brand X Meet.
I'm happy with it now other than price, and I think putting more work into protein synthesis and more eco friendly agriculture will only bring positive benefits, and better to do it now before the world forces us to.
For longer answer, see my response to the person below.
Short answer, not good to have every day for sodium and price, but for almost any other reason it is probably as good or better. Most people should probably eat less meat than they currently do for health and ecological reasons.